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Financial Literacy Flashcards | StudBud
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Financial Literacy
Financial Literacy
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Review Financial Services 101, Budgeting and Credit Scores, Lending Basics and Savings & Retirement
Flashcards
26 cards
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Questions
26
Answers
1
What is not included on a credit report?
Medical bills
Installment/Revolving Loans
Address
Race, Religion, Lifestyle
2
Who may use your credit report?
All of the above
Employers
Landlords
Rental Car Company
3
How many Americans live paycheck to paycheck?
100%
25%
80%
50%
4
What is a debit card?
Card that can be used as free money
Card that can be used instead of cash when making purchases
All of the above
Card that can be used to pay a merchant with borrowed money
5
Being on a budget means...
Paying bills every month at the due date
Your bills are generally paid by every due date
Planning your expenses to be less than/equal to your income
You are earning enough money to be able to live well
6
It's ok to skip payments on your bills some months, as long as you pay the next month.
True
False
7
What are secured loans?
Common types are credit cards, line of credit
Not guaranteed by collateral
Also known as signature loans
Guarenteed by collateral or lien is placed
8
What is considered an excellent credit score?
1000 to 1500
700 to 850
561 to 600
500 to 560
9
An amortization schedule...
used to open an account
shows how each payment is applied towards interest/principal
...I have no idea
is used for budgeting
10
An example of a need is
A Florida vacation from all the stress
Room and Board
A Laptop
A new car
11
Which of the following actions typically impacts a person’s credit score?
Using a Debit Card
New Job
Min pmt of a credit card was not paid for 3 months in a row
50% loss in the stock market
12
What do you need to open a bank/credit union account?
Have a joint owner
Don't ask questions
Make sure you're eligible, provide documents required
Throw away new account documents
13
What is the name of the credit union that implemented this program?
Teachers CU
Chaffey FCU
Etiwanda CU
Arrowhead CU
14
What applies to Credit Union's?
Better overall rates and lower fee
Not-for-Profit
All of the above
Members are owners
15
What is a revolving loan?
Also known as open end
allows the loan amount to be withdrawn, repaid, and redrawn
All of the above
Credit cards and line of credits
16
Your credit score is important because:
It can determine whether you can get credit cards
It can have an impact on whether you can finance a car/home
It can affect your interest rate if you finance a car/home
All of the above
17
What is the legal amount on a check?
Numerical ($100.00)
Written (One Hundred Dollars)
18
Which phrase is correct?
Its not about how much you make, but how you manage it
Its about how much money you make, and how fast you spend it
19
Which of the following is not typically associated with borrowing?
Credit Card
Auto Loan
Debit Card
Mortgage
20
What is the most important?
What I will be eating for dinner
Managing finances is your responsibilty
Compound Interest
Risk and Reward
21
What is the top cause of stress for Americans?
Baby momma drama
Lack of sleep
Financial Stress
What to eat
22
What type of ID do you need to open a bank/credit union account?
All of the above
School ID (High School, College)
Work Badge
Government Issued ID
23
What are some things to think about when considering an Auto Loan?
Emotions
Knowing how much you can afford
All of the above
Dealer Experience vs Buyer Experience
24
What are some deposit type accounts?
Money Market/Certificate of Deposits
Checking/Savings
None of the above
Both of the above
25
What is not a method to improve your credit score?
Maintain older credit cards
Pay all your bills on time
Always pay in cash and do not get any credit cards
Keep your credit card balances under 30%of your credit limit
26
What applies to a Bank?
Volunteer Board of Directors
Better overall rates and lower fees
Maximize profit
All of the above
